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- Conflux partners to launch offshore yuan stablecoin for BRI nations
- Conflux 3.0 will support 15,000 TPS for cross-border payments
- Hong Kong’s new licensing rules boost yuan stablecoin interest
Conflux Network has announced the launch of Conflux 3.0 and revealed plans to support an offshore yuan-pegged stablecoin. The initiative involves a partnership with fintech firm AnchorX and Shenzhen-listed Eastcompeace Technology.
The proposed stablecoin will be pegged to the offshore yuan and used in the Belt and Road Initiative (BRI) countries, which consist of more than 140 countries, including Singapore, Indonesia, Malaysia, and Kazakhstan.
Conflux reaffirmed development schedules at the weekend conference, which was reported in the Shanghai government website. The aim is to enable cross-border payments with Conflux network-based blockchain infrastructure.
In the scheme, the companies will work together to launch the stable coin supported by the yuan. It is being positioned to extend China’s financial power in BRI economies as it takes part.
Conflux also declared that an augmented version of their blockchain, Conflux 3.0, will be deployed in August. The new one will have the capacity to support up to 15000 transactions per second, which is a significant step towards a better global network for completing transactions.
The upgrade will enable the settlement of cross-border payments and the processing of tokenized real-world assets. This capability will make Conflux an essential asset in digital finance infrastructure.
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Yuan-Pegged Stablecoin Developments Amid Hong Kong Regulatory Shift
In mid-November, Conflux revealed that AnchorX is in the process of launching an offshore yuan-backed stablecoin, “AxCNH.” This token will have technical support using the Conflux blockchain.
This is after a speech by People’s Bank of China Governor Pan Gongsheng in June. He has admitted that stablecoins are transforming the global payment systems with the emerging central bank digital coins.
Yuan-backed tokens have gained more interest since Hong Kong is one of the jurisdictions that pledged to establish its stablecoin licensing regulations on August 1. Other tech firms such as JD.com and the Ant Group are also seeking approval for similar stablecoin projects.
Conflux saw CFX token climb 57 percent to US$0.22, putting its market value at US$1.1 billion following the news. Even the stock of Eastcompeace Technology increased 10 percent to 20.33 yuan in Shenzhen.
China’s push into digital finance in BRI countries is evident through the rollout of Conflux 3.0 and the offshore yuan stablecoin project. The plan has the potential to transform financial connectivity using blockchain-enabling cross-border capabilities.
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